Question
Following are several transactions involving a university. In the current fiscal year, the university was notified by the federal government that next fiscal year it
Following are several transactions involving a university.
In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $480,000 grant for wetlands research. The grant must be used during the next fiscal year.
The university received a $500,000 endowment.
For the fiscal year, the university recorded $2,400,000 in tuition and fees revenue. Cash refunds of $313,000 were given.
The university provided $12,200 in tuition waivers for students with outstanding academic performance.
During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,978,000.
The biology department spent $25,000 on wetlands research.
At year-end, $1,670 of estimated uncollectible tuition and fees was recorded.
Required
- Prepare journal entries to record the foregoing transactions, assuming the university is a private institution.
- Prepare journal entries to record the foregoing transactions, assuming the university is a public institution.
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